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Marginal revenue below average total cost | Microeconomics | Khan Academy

Video vocabulary

large

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US / lɑ:dʒ /

UK / lɑ:rdʒ /

A1
  • adjecitve
  • Big; of great size; broad, tall, wide, or fat

robot

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US / ˈrəʊbɒt /

UK / ˈroʊbɑ:t /

B1
  • noun
  • Machine able perform more tasks that people can

marginal

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US / 'mɑ:dʒɪnl /

UK / ˈmɑrdʒənəl /

B2
  • adjecitve
  • Very small; on the edge; not important

put

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US / pʊt /

UK / pʊt /

A1
  • phrasal verb
  • to make a light stop shining by pressing or moving a switch
  • verb
  • To move or place a thing in a particular position
  • To rate something in importance or value
  • To write or say something in a certain manner

any

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US / 'enɪ /

UK / ˈɛni /

A1
  • adjecitve
  • One, or some, no matter which
  • pronoun
  • One (thing) of many; some

think

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US / θɪŋk /

UK / θɪŋk /

A1
  • verb
  • To have an idea about something without certainty
  • To have an idea, opinion or belief about something

another

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US / əˈnʌðə(r) /

UK / əˈnʌðɚ /

A1
  • adjecitve
  • One more, but not this
  • determiner
  • One more added
  • pronoun
  • One more (thing)

hey

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US / heɪ /

UK / he /

A1
  • exclamation
  • What you say when you want someone's attention

rectangle

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US / ˈrektæŋgl /

UK / ˈrɛkˌtæŋɡəl /

B1
  • noun
  • Four-sided geometrical shape with all right angles

beyond

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US / bɪ'jɒnd /

UK / biˈɑnd, bɪˈjɑnd /

A2
  • adverb
  • On or to the farther side
  • In addition to
  • preposition
  • Later in time than
  • Out of the limits of

keep

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US / ki:p /

UK / kip /

A1
  • noun
  • Large, strong tower in the middle of a castle
  • Money spent on you so you can live in a place
  • verb
  • To continue doing something; not to stop
  • To stop balls going in a goal in sports
  • To not give back or return something
  • (Of food) to not spoil or not rot
  • To take possession of something to own, e.g. a pet
  • To have and continue to hold something
  • To do something that you have promised or agreed
  • To stay in a certain place or condition
  • To maintain the rules

something

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US / ˈsʌmθɪŋ /

UK / ˈsʌmθɪŋ /

A1
  • adverb
  • In some degree or measure
  • noun
  • a person or thing of some value or consequence
  • pronoun
  • Thing that is not yet known or named
  • Approximately

and

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US / ənd /

UK / ənd, ən,ænd /

A1
  • conjunction
  • Used to refer to two or more things
  • Plus; in addition; on top of that
  • Used to introduce an action that follows another

money

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US / 'mʌnɪ /

UK / ˈmʌni /

A1
  • noun
  • Coins or notes we use to pay for things

deeply

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US / ˈdi:pli /

UK / ˈdiplɪ /

A2
  • adverb
  • To a significant degree
  • To a great, intense or extreme extent

from

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US / frəm /

UK / frʌm, frɑm,frəm /

A1
  • preposition
  • Starting at a particular place, time or level

out

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US / aʊt /

UK / aʊt /

A1
  • adverb
  • No longer stylish (e.g. fashion)
  • Away from home, business, or the usual place
  • In a direction/movement away from inside or center
  • noun
  • Act when a batter cannot continue playing
  • verb
  • To tell people a secret

over

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US / 'əʊvə(r) /

UK / ˈovɚ /

A1
  • adverb
  • Finished; no longer happening
  • Towards the ground/away from a standing position
  • noun
  • A set of six consecutive balls bowled in cricket
  • other
  • Finished
  • preposition
  • Showing the relation when a thing is above another
  • On or covering something
  • Above or across something
  • More than you need
  • From one side to the other
  • In the direction of; toward

where

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US / hwɛə /

UK / hwɛr, wɛr /

A1
  • conjunction
  • At or in the place which
  • In whatever place
  • pronoun
  • Word you use to ask the location of something

essentially

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US / ɪˈsenʃəli /

UK / ɪˈsenʃəli /

A2
  • adverb
  • Basically; (said when stating the basic facts)

least

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US / li:st /

UK / list /

A1
  • adverb
  • In the smallest or lowest way
  • noun
  • Something that is of the lowest or smallest degree

right

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US / raɪt /

UK / raɪt /

A1
  • adjecitve
  • Correct or true
  • The south side of you looking at the rising sun
  • adverb
  • Exactly in a place or time
  • Being appropriate for a particular event
  • In a straight or direct manner
  • noun
  • Something you are legally or morally allowed to do
  • Ideal of what is just and good
  • Political view based on conservatism
  • verb
  • To fix something previously wrong or unjust
  • To make upright, as a boat that has turned over

touch

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US / tʌtʃ /

UK / tʌtʃ /

A1
  • noun
  • Certain way of doing that makes something special
  • A small amount of something
  • Feeling of a surface
  • verb
  • To affect feelings, especially by causing sympathy
  • To be next to each other with no space between
  • To get involved with (used in negative)
  • To feel an object with your fingers, etc.

each

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US / i:tʃ /

UK / itʃ /

A1
  • determiner
  • Every one of two or more things
  • pronoun
  • Per one person or thing

first

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US / fɜ:st /

UK / fɚst /

A1
  • adjecitve
  • 1st; Coming before all others in time or place
  • noun
  • Something that has not happened before
  • Position of the winner of a competition

get

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US / ɡet /

UK / ɡɛt /

A1
  • verb
  • To become affected by illness or disease
  • To begin to feel or understand an emotion or idea
  • To send or bring someone or something home, etc.
  • To go somewhere to obtain something
  • To (cause to) do a particular thing
  • To obtain, receive or be given something
  • To currently have
  • To prepare for use
  • To understand something being said or read

incremental

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US / ˌɪŋkrə'mentl /

UK / ˌɪŋkrə'mentl /

B2
  • adjecitve
  • Happening or growing bit by bit over time

taker

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US / ˈteɪkə(r) /

UK / ˈtekɚ /

A2
  • noun
  • Person who accepts something that is offered

juice

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US / dʒu:s /

UK / dʒus /

A2
  • noun
  • Liquids (often squeezed from vegetables, fruit)
  • Something that supplies power, e.g. electricity

then

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US / ðen /

UK / ðɛn /

A1
  • adverb
  • A time that is not now
  • Following another thing in time or arrangement
  • Following on reasonably from what was just stated
  • At that time, not now

case

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US / keɪs /

UK / kes /

A1
  • noun
  • Container used to carry things, e.g. clothes
  • Set of facts about a crime
  • Set of facts about an event
  • Example or instance of something
  • verb
  • To find out about a place, as in planning to steal

mean

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US / mi:n /

UK / min /

A1
  • adjecitve
  • Being good at
  • Nasty; unkind
  • Not liking to spend money; cheap; stingy
  • noun
  • Average of a set of numbers
  • verb
  • To express a particular idea or thought
  • To intend to do something in particular
  • To have a particular meaning or value

total

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US / ˈtəʊtl /

UK / ˈtoʊtl /

A1
  • adjecitve
  • Complete
  • noun
  • Whole number or amount of something
  • verb
  • To damage a car beyond repair

profit

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US / 'prɒfɪt /

UK / 'prɑ:fɪt /

A2
  • noun
  • Benefit from doing something
  • Money earned from sales, after costs are deducted
  • verb
  • To be a benefit to someone
  • To earn money from something

about

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US / ə'baʊt /

UK / əˈbaʊt /

A1
  • adverb
  • To be ready to; going to
  • Nearly; approximately; roughly
  • Near; next to; close to
  • In every direction; in the area of
  • preposition
  • Concerning or of (a topic)

different

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US / ˈdɪfrənt /

UK / ˈdɪfrənt /

A1
  • adjecitve
  • Not of the same kind; unlike other things

even

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US / 'i:vn /

UK / ˈivən /

A1
  • adjecitve
  • Being equal in influence, power, possibility etc.
  • Being divided equally or fairly
  • (Of teams/contest) with similar chances of success
  • Smooth, level, or regular
  • Can be divided by 2; ending in 2, 4, 6, 8, or 0
  • At a regular, equally steady manner
  • Remaining steady and unchanging
  • adverb
  • (When this is surprising) as well; too
  • (Used to compare two things/stress the difference)
  • verb
  • To make something level; to flatten
  • To make something equal

like

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US / laɪk /

UK / laɪk /

A1
  • adjecitve
  • Being equal in status or kind to something else
  • Similar; the same
  • adverb
  • For example
  • preposition
  • Used as a filler; used to ad emphasis
  • In a way similar to the way something is done
  • Such as; for example
  • verb
  • To want to
  • To find something pleasing; to prefer something

that

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US / ðæt /

UK / ðæt, ðət /

A1
  • adjecitve
  • The person or thing being talked about
  • Used to identify something both the speakers know
  • adverb
  • Used to reinforce adjectives and adverbs
  • To such a degree
  • conjunction
  • Used to connect a noun clause
  • Used to introduce an adverbial clause
  • Used to introduce a noun clause
  • determiner
  • Used as a noun to refer to something
  • pronoun
  • Referring an object far away
  • Used to refer to the relative pronoun ‘which’

what

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US / wɒt /

UK / hwɑt, hwʌt, wɔt, wʌt,hwət, wət /

A1
  • pronoun
  • Thing or things that; the same kind as
  • Used to emphasize something you are about to say
  • adjecitve
  • Used to refer to a particular amount, or number
  • Used to place emphasis on a particular quality
  • adverb
  • To a certain degree
  • determiner
  • Question words used for asking for information
  • exclamation
  • Used to express excitement, shock, or surprise
  • Used to ask people to repeat something they said

week

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US / wi:k /

UK / wik /

A1
  • noun
  • Period of seven days from Sunday to Saturday

interesting

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US / ˈɪntrəstɪŋ /

UK / ˈɪntrɪstɪŋ, -tərɪstɪŋ, -təˌrɛstɪŋ /

A1
  • adjecitve
  • Taking your attention; making you want to know
  • verb
  • To make someone want to know about something
  • To persuade to do, become involved with something

nothing

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US / 'nʌθɪŋ /

UK / ˈnʌθɪŋ /

A1
  • noun
  • Item of little or no value, importance, interest
  • Number or value of zero
  • pronoun
  • Not anything, not a single thing

stay

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US / steɪ /

UK / ste /

A1
  • noun
  • Legal order to stop or delay an action
  • Strong rope or wire that supports a ship's mast
  • Period of time spent living in or visiting a place
  • verb
  • To keep trying without giving up
  • To remain in the same place and not move away
  • To spend time visiting a place or someone's home

just

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US / dʒʌst /

UK / dʒʌst /

A1
  • adjecitve
  • Proper or appropriate; as is deserved
  • Doing or being what is right or fair
  • Legally correct; having enough evidence
  • adverb
  • Almost; nearly
  • Exactly at the time of
  • Exactly (the same as, like)

talk

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US / tɔ:k /

UK / tɔk /

A1
  • noun
  • Style of speaking
  • Discussion between two countries
  • Giving information in front of people; lecture
  • Saying things or ideas to someone with words
  • verb
  • To make a formal speech about something
  • To say things or ideas to someone with words

those

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US / ðəʊz /

UK / ðoz /

A1
  • determiner
  • The people or things we are talking about
  • pronoun
  • The objects far from the speaker

per

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US / pə(r) /

UK / pɚ /

A2
  • preposition
  • In the manner directed or suggested
  • For each; during each

ask

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US / ɑ:sk /

UK / æsk /

A1
  • verb
  • To say to someone that you want something

lower

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US / 'ləʊə(r) /

UK / ˈlaʊɚ, laʊr /

A2
  • adjecitve
  • In a position more near the bottom
  • verb
  • To move something downward to the ground

start

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US / stɑ:t /

UK / stɑrt /

A1
  • noun
  • First time or place that a thing exists; beginning
  • First opportunity to achieve something, e.g. a job
  • Sudden action or movement because you are scared
  • other
  • Beginning of something in place or time
  • verb
  • To do, be or happen for the first time; begin
  • To turn something on

well

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US / wel /

UK / wɛl /

A1
  • adjecitve
  • Being in a fortunate, good condition or state
  • Healthy and in good condition
  • adverb
  • In an acceptable, proper, or successful manner
  • In a complete, total, or full manner
  • A great and considerable degree
  • In a successful way, in a good or satisfactory way
  • exclamation
  • Used to begin or continue a particular statement
  • Used to show you want to start saying something
  • Used to express that you are waiting for a reply
  • You say this to change the topic of a conversation
  • Used to indicate you are making a final remark
  • noun
  • Long deep hole in the ground to get water
  • verb
  • To cause your eyes to fill with tears

amount

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US / ə'maʊnt /

UK / əˈmaʊnt /

A1
  • noun
  • Quantity of something
  • verb
  • To add up to a certain figure

anyway

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US / ˈeniweɪ /

UK / ˈɛniˌwe /

A1
  • adverb
  • A word used to change the topic of a conversation

differentiate

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US / ˌdɪfə'renʃɪeɪt /

UK / ˌdɪfəˈrɛnʃiˌet /

B1
  • verb
  • To see or show how things are not the same

much

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US / mʌtʃ /

UK / mʌtʃ /

A1
  • adjecitve
  • Very; to a high level or degree
  • adverb
  • A lot; large amount; a high degree of
  • Nearly; basically
  • On many occasions; often
  • noun
  • A large amount; a great quantity

for

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US / fə(r) /

UK / fɔr,fə /

A1
  • preposition
  • Used to show the purpose, or need of something

necessarily

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US / ˌnesəˈserəli /

UK / ˌnɛsɪˈsɛrəli, -ˈsɛr- /

A2
  • adverb
  • In a way that is needed/required/is unavoidable

logic

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US / ˈlɒdʒɪk /

UK / ˈlɑ:dʒɪk /

A2
  • noun
  • Proper, valid sensible reasoning
  • Scientific study of reasoning

time

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US / taɪm /

UK / taɪm /

A1
  • noun
  • Speed at which music is played; tempo
  • Point as shown on a clock, e.g. 3 p.m
  • Number of hours, minutes needed to do something
  • Occasion when something happens
  • Period or occasion that something occurred
  • Period in history or the past
  • Something measured in minutes, hours, days, etc.
  • How long an event takes; duration
  • verb
  • To check speed at which music is performed
  • To choose a specific moment to do something
  • To measure how long an event takes, e.g. a race
  • To schedule something to occur at a specific moment

why

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US / waɪ /

UK / hwaɪ, waɪ /

A1
  • adverb
  • Question word to ask for a reason
  • exclamation
  • (Used to express surprise or approval)

situation

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US / ˌsɪtʃuˈeɪʃn /

UK / ˌsɪtʃuˈeʃən /

A1
  • noun
  • Place, position or area that something is in
  • Circumstance or condition surrounding an event
  • An unexpected problem or difficulty

capital

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US / 'kæpɪtl /

UK / ˈkæpɪtl /

A2
  • adjecitve
  • Main, or major
  • noun
  • Writing the first letter of a word in big letters
  • Official main city of a country, province or state
  • Collective name for money, shares, and assets
  • Money that is used for a business

into

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US / 'ɪntə /

UK / ˈɪntu /

A1
  • preposition
  • Moving or going inside something
  • In the same direction as; in the direction of
  • So as to become; taking the state of

one

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US / wʌn /

UK / wʌn /

A1
  • pronoun
  • You; we; people in general; someone
  • The thing or person previously referred to
  • adjecitve
  • Used to refer to people generally
  • Being a strong example of (something mentioned)
  • number
  • Number 1

than

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US / ðən /

UK / ðən /

A1
  • conjunction
  • Used to compare two things that are not equal

average

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US / 'ævərɪdʒ /

UK / ˈævərɪdʒ, ˈævrɪdʒ /

A2
  • adjecitve
  • Typical or normal; usual; ordinary
  • noun
  • Total of numbers divided by the number of items
  • verb
  • To add numbers then divide by the number of items

order

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US / 'ɔ:də(r) /

UK / ˈɔrdɚ /

A1
  • noun
  • Religious or social group, as of nuns
  • Instructions to others to do what you want
  • State in which things are neat and organized
  • What you ask to buy, e.g. food in restaurant
  • Social or political control of an area
  • verb
  • To put things in a sequence, e.g. a, b, c
  • To give instructions to others to do what you want
  • To ask for something you want to buy, e.g. a meal

make

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US / meɪk /

UK / mek /

A1
  • noun
  • Product made by a particular company; brand
  • verb
  • To arrange or prepare something e.g. dinner
  • To get to (a place) on time
  • To gain the status of (teacher, lawyer, etc.)
  • To create something by putting things together
  • To earn a certain amount of money at a job
  • To cause or force a person to do something
  • To cause something to happen or be formed

run

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US / rʌn /

UK / rʌn /

A1
  • noun
  • Journey between two places made by ship or car
  • Series of similar things or successes and failures
  • Act of running; exercise of running
  • verb
  • To depart or travel according to a schedule
  • To cause an animal to move in a certain direction
  • (Of an engine) to be operating
  • To start or use a computer program
  • To flow in a certain direction, like a liquid
  • To manage or operate a business
  • To operate or drive something
  • (Of a road) to go from one place to another
  • To move your legs faster than walking

let

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US / let /

UK / lɛt /

A1
  • verb
  • To allow someone to do something
  • Introducing a suggestion to do something together
  • To rent a house, etc. to others

might

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US / maɪt /

UK / maɪt /

A1
  • other
  • Used to politely request an action
  • Used to express that something could happen
  • Power, strength, force or influence

offset

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US / ˈɒfset /

UK / ˈɔ:fset /

B1
  • adjecitve
  • (Of printing) using inked plates
  • noun
  • Compensation or counterbalance
  • verb
  • To compensate for or counterbalance the effect of

the

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US / ðə /

UK / ðə /

A1
  • article
  • Used to refer to something already mentioned
  • Used to show there is only one of something
  • determiner
  • Used to describe all of a family

rational

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US / 'ræʃnəl /

UK / ˈræʃənəl /

A2
  • adjecitve
  • Able to think clearly

this

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US / ðɪs /

UK / ðɪs /

A1
  • adjecitve
  • Used to indicate something already been discussed
  • Used to indicate something happening around now
  • adverb
  • An indication by a physical motion or gesture
  • A specific amount of
  • determiner
  • Person, thing, or idea near you
  • pronoun
  • Person, thing that has already been discussed

able

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US / 'eɪbl /

UK / ˈebəl /

A2
  • adjecitve
  • Skilled; good at something
  • Having the ability to do something

term

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US / tɜ:m /

UK / tɚm /

A1
  • noun
  • Conditions applying to an agreement, contract
  • Length of time something is expected to happen
  • Fixed period of weeks for learning at school
  • The (precise) name given to something
  • verb
  • To call; give a name to

how

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US / haʊ /

UK / haʊ /

A1
  • adjecitve
  • To what degree? in what amount?
  • adverb
  • (Used to explain the way to do something)
  • exclamation
  • For what purpose or reason?
  • (Used to ask someone or something's condition)

you

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US / jʊ /

UK / ju /

A1
  • pronoun
  • Person someone is speaking or writing to
  • Person or people in general

answer

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US / 'ɑ:nsə(r) /

UK / ˈænsɚ /

A1
  • noun
  • Reply to a question someone asks
  • Solution to a problem or test question
  • verb
  • To reply to a question someone asks
  • To solve a test question or a problem

less

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US / les /

UK / lɛs /

A1
  • adjecitve
  • Smaller in amount or degree
  • adverb
  • To a smaller degree
  • noun
  • A smaller amount
  • preposition
  • With the subtraction of

price

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US / praɪs /

UK / praɪs /

A1
  • noun
  • Person's name
  • Cost of something in money
  • verb
  • To determine or set the cost of something

simple

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US / 'sɪmpl /

UK / ˈsɪmpəl /

A1
  • adjecitve
  • Not hard to understand or do; not complex
  • Having only a few parts; not complex
  • Being ordinary or normal
  • Being plain; without a lot added for style

bring

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US / brɪŋ /

UK / brɪŋ /

A1
  • verb
  • To take or go with someone to a place

take

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US / teɪk /

UK / tek /

A1
  • noun
  • Filming of a single scene for TV or the movies
  • verb
  • To accept something that is offered
  • To use a method of traveling, e.g. a bus or train
  • To use a camera to make (a photo)
  • To pick up something and go away with it
  • To study a subject in school
  • To attempt to pass (an exam)
  • To require a certain amount of time, money, space

drop

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US / drɒp /

UK / drɑp /

A1
  • noun
  • Distance between a higher and a lower level
  • Act of letting something fall (from your hand)
  • A decrease in quantity or quality; reduction
  • Tiny amount of liquid, with rounded bottom
  • verb
  • To drive someone to a place and then drive away
  • To let something fall from your hand
  • To fall or lie down quickly, as when shot
  • To decide to stop something e.g. a course)
  • To (cause to) reduce in quantity or quality

all

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US / ɔ:l /

UK / ɔl /

A1
  • adverb
  • Completely; totally
  • determiner
  • Being every one of something
  • pronoun
  • 100% of something; the complete amount

produce

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US / prə'dju:s /

UK / prəˈdus, -ˈdjus, pro- /

A1
  • noun
  • Fresh foods such as fruits and vegetables
  • verb
  • To grow something naturally
  • To make something appear
  • To manufacture something using machines
  • To control the making a movie or television show

look

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US / lʊk /

UK / lʊk /

A1
  • noun
  • Person's beauty or physical attractiveness
  • Particular style of dress, clothes, or appearance
  • The way someone, something appears to be
  • Act of searching for or examining something
  • verb
  • To appear to be; seem

figure

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US / ˈfiɡə /

UK / ˈfɪɡjɚ /

A1
  • noun
  • Your body shape
  • Numbers in a calculation
  • Doll-like thing meant to represent a person
  • Picture or diagram giving information in a text
  • Person who is very important or famous
  • Shape of a person seen indistinctly or in outline
  • Amount that is expressed in numbers
  • verb
  • To appear in a game, play or event
  • To calculate how much something will cost
  • To understand after thinking; work out

guarantee

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US / ˌɡærən'ti: /

UK / ˌɡærənˈti /

A2
  • noun
  • A promise to repair a broken product
  • Promise that something will be done as expected
  • verb
  • To promise to repair a broken product
  • To promise that something will happen or be done
  • To promise to pay if another person fails to do so

their

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US / ðɛː /

UK / ðer /

A1
  • determiner
  • Belonging to them

way

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US / weɪ /

UK / we /

A1
  • adverb
  • Used to emphasize the amount of something
  • noun
  • Particular aspect of something being thought about
  • One of various choices that could be made
  • Particular existing condition or state
  • (Often long) distance or length of time
  • How something is done
  • Route to go to a place
  • Small street
  • Usual behavior, emotions or habits of someone

curve

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US / kə:v /

UK / kɚv /

A2
  • noun
  • Smooth rounded line that is not straight
  • verb
  • To make something bend into a rounded shape

they

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US / ðeɪ /

UK / ðe /

A1
  • pronoun
  • Two or more people, animals, or things

introduce

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US / ˌɪntrəˈdju:s /

UK / ˌɪntrəˈdus, -ˈdjus /

A1
  • verb
  • To open an essay to set the scene
  • To guide or explain something, e.g. a town
  • To begin the use of a new thing or practice
  • To make someone known to another by name
  • To insert or put something inside another thing

oppose

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US / əˈpəʊz /

UK / əˈpoʊz /

A2
  • verb
  • To fight against someone in a contest or game

possible

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US / ˈpɒsəbl /

UK / ˈpɑsəbəl /

A1
  • adjecitve
  • Being able or appropriate for a task or purpose
  • Having a chance of happening, or being true

subtract

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US / səbˈtrækt /

UK / səbˈtrækt /

B2
  • other
  • To take away a value or amount from another
  • verb
  • To take away a value or amount from another

could

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US / kəd /

UK / kʊd /

A1
  • other
  • Past form of 'can' to mean have ability
  • Used to ask for something politely, or to offer

wear

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US / weə(r) /

UK / wer /

A1
  • noun
  • Clothing designed for a purpose e.g. skiing
  • Damage from continual use over a long period
  • verb
  • To have clothes, glasses, shoes etc. on your body
  • To display an expression or emotion on the face
  • To become weaker or damaged from continued use

end

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US / end /

UK / ɛnd /

A1
  • noun
  • The point where a process or activity stops
  • A point that marks the limit of something; finish
  • Goal or desired result
  • The tip, edge or limit of something
  • verb
  • To be the last part of something

loss

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US / lɒs /

UK / lɔ:s /

A2
  • noun
  • Friend, family, or other loved person's death
  • Decrease or decline in quantity or amount
  • Experience or state of failing to have or keep
  • A situation when you lose a game
  • Process of failing to have or keep something
  • Difficulty or trouble caused by someone's leaving
  • Situation when more money is spent than is earned

have

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US / həv /

UK / hæv /

A1
  • verb
  • To drink, smoke, eat or use something
  • To experience the effects of something
  • To organize an event, or join in an activity
  • To own, possess, or hold something
  • To cause to happen or produce a particular effect

last

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US / lɑ:st /

UK / læst /

A1
  • adjecitve
  • Most recent; the latest
  • The one before
  • adverb
  • Final; with nothing following; after all others
  • Most recent; the latest
  • determiner
  • The one at the end
  • verb
  • To remain or continue for a certain period of time

unit

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US / ˈju:nɪt /

UK / ˈjunɪt /

B2
  • noun
  • One apartment in a building
  • Group of people, e.g. soldiers, that work together
  • A chapter of a textbook
  • A standard of measurement of something
  • Single item made by a company

recoup

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US / rɪˈku:p /

UK / rɪˈkup /

C1
  • verb
  • To get back money that has been lost, stolen etc.

spending

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US / ˈspendɪŋ /

UK / ˈspɛndɪŋ /

A2
  • verb
  • To use money to pay for something
  • To use time in order to do something
  • To use up something completely

with

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US / wɪð /

UK / wɪð, wɪθ /

A1
  • preposition
  • As an employee of a certain company
  • Against something or someone
  • By using something as a means
  • Due to; because of
  • Including
  • Possessing as a feature
  • Related to
  • (Of the manner/attitude by which you do something)
  • Used to express that people or things are together

next

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US / nekst /

UK / nɛkst /

A1
  • adverb
  • The one that follows another in time or order
  • At a time or place directly after the present one
  • noun
  • The one that follows after
  • adjecitve
  • Immediately after the previous one
  • First occurrence after the present one

low

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US / ləʊ /

UK / lo /

A1
  • adjecitve
  • Having a small quantity, supply, or amount
  • Being unhappy or unpleasant in attitude
  • Not high; being near the ground, or bottom
  • (Of a voice, sound) being soft; quiet
  • noun
  • Situation of not having a lot of something

negative

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US / 'neɡətɪv /

UK / ˈnɛɡətɪv /

A2
  • adjecitve
  • Being harmful, unwanted or unhelpful
  • In mathematics, being less than zero
  • Focusing on the bad aspects; pessimistic
  • noun
  • The opposite to a positive electrical charge
  • In grammar, containing words such as 'no' or 'not'
  • Reply to a question or statement that means 'no'
  • Image on camera film used to make a photo

see

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US / si: /

UK / si /

A1
  • verb
  • To go on a date with someone
  • To predict whether something is, or will be true
  • To understand what someone says
  • To use your eyes to look at something
  • To visit a place often for sightseeing or pleasure
  • To visit or meet with someone
  • To find out by waiting or looking
  • To watch (a game, movie or TV show)

contract

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US / 'kɒntrækt /

UK / 'kɑ:ntrækt /

A1
  • noun
  • Legal agreement, e.g. for doing work for money
  • Agreement to pay someone to kill a person
  • verb
  • To become ill as a result of getting a disease
  • To make an agreement for doing work for money
  • To reduce in size, length due to heat loss
  • To reduce the amount of

quantity

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US / ˈkwɒntəti /

UK / ˈkwɑntɪti /

A2
  • noun
  • A large amount of something
  • Amount or number of something

obviously

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US / ˈɒbviəsli /

UK / ˈɑːbviəsli /

A2
  • adverb
  • In a way that is obvious/easy to see or understand

once

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US / wʌns /

UK / wʌns /

A1
  • adverb
  • One time; one instance
  • At a time in the past
  • conjunction
  • When; as soon as

while

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US / waɪl /

UK / hwaɪl, waɪl /

A1
  • conjunction
  • In spite of the fact that; although
  • During the time that; at the same time
  • noun
  • Short amount of time

equivalent

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US / ɪˈkwɪvələnt /

UK / ɪˈkwɪvələnt /

B1
  • adjecitve
  • Equal to something in value, use or meaning
  • noun
  • Thing like another in quality, quantity or degree

market

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US / ˈmɑ:kɪt /

UK / ˈmɑ:rkɪt /

A1
  • noun
  • Need or demand for a particular product or service
  • Area or region where a certain product is sold
  • Public event where people sell goods on tables
  • Institution where stocks are bought and sold
  • verb
  • To publicize products to get you to buy; advertise

past

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US / pɑ:st /

UK / pæst /

A2
  • adjecitve
  • No longer current or new
  • adverb
  • So as to go beyond, or further than something
  • noun
  • Time that existed before now, e.g. long ago
  • preposition
  • After a particular time
  • At a later point in distance; beyond

machinery

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US / məˈʃi:nəri /

UK / məˈʃinəri, -ˈʃinri /

A2
  • noun
  • System/processes to get official approval, etc.
  • Machines in general
  • Inner, working parts of a machine

reason

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US / 'ri:zn /

UK / ˈrizən /

A1
  • noun
  • Ability to think about facts and form a judgment
  • Explanation for why something occurred or was done
  • verb
  • To think and make conclusions in a logical manner

here

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US / hɪə(r) /

UK / hɪr /

A1
  • adverb
  • In this place; at this location, position or time

lose

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US / lu:z /

UK / luz /

A1
  • verb
  • To be unable to keep in check or control something
  • To decrease in value or quantity (e.g. weight)
  • To stop having certain qualities or abilities
  • To stop having or being entitled to
  • To fail to win something that is being contested
  • To be unable to find something you once had
  • To be dependent on someone (used with 'not')

small

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US / smɔ:l /

UK / smɔl /

A1
  • adjecitve
  • Little in size; not big
  • (Of letters) not written in capital letters
  • Being insignificant or minor
  • (Of a business) with few people or things; local
  • (Of voice) being soft and quiet
  • (Of a child) being young

supply

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US / sə'plaɪ /

UK / səˈplaɪ /

A2
  • noun
  • Availability of products and services for use
  • Specific things needed to perform a certain task
  • verb
  • To give or sell goods to others for their use

actually

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US / ˈæktʃuəli /

UK / ˈæktʃuəli /

A1
  • adverb
  • Used to add new (often different) information

sell

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US / sel /

UK / sɛl /

A1
  • verb
  • To exchange something for money
  • To persuade people to do, like or agree

sudden

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US / ˈsʌdn /

UK / ˈsʌdn /

B1
  • adjecitve
  • Happening or done quickly or unexpectedly

item

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US / ˈaɪtəm /

UK / ˈaɪtəm /

A2
  • noun
  • Single, brief piece of news or reporting
  • Distinct, individual thing, often part of a group

point

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US / pɔɪnt /

UK / pɔɪnt /

A1
  • noun
  • An item to be discussed
  • Small spot or dot
  • Fact or detail
  • Feature of something
  • The size of the text on a page or screen
  • A certain time or stage in a process
  • Certain position in time or space
  • Idea or fact you try to convince people about
  • Measurement of scores in a game, sport
  • Sharp end of something, e.g. a pen or pin
  • verb
  • To face a certain direction, e.g. north
  • To indicate something with your finger to others

revenue

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US / 'revənju: /

UK / ˈrevənju /

A2
  • noun
  • Money that is made by or paid to a business
  • Money a government collects from its people

exactly

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US / ɪgˈzæktli /

UK / ɪɡˈzæktli /

A1
  • adverb
  • No more and no less than; precisely

continue

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US / kən'tɪnju: /

UK / kənˈtɪnju /

A1
  • verb
  • To do something without stopping, or after pausing
  • To start doing again after a break, pause, or stop

guess

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US / ɡes /

UK / ɡɛs /

A1
  • noun
  • Answer given when you don't know if it is correct
  • verb
  • To give an answer without knowing if it is correct

forth

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US / fɔ:θ /

UK / fɔrθ, forθ /

B1
  • adverb
  • So as to be seen; out
  • Outward or forward in space, time

already

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US / ɔ:lˈredi /

UK / ɔlˈrɛdi /

A1
  • adverb
  • Having happened or been done before this time

many

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US / 'menɪ /

UK / ˈmɛni /

A1
  • determiner
  • Used to refer a large number of things

ourselves

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US / ɑ:ˈselvz /

UK / aʊrˈsɛlvz, ɑr- /

A2
  • pronoun
  • (Showing speaker is affected by their own action)

will

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US / wɪl /

UK / wɪl /

A1
  • noun
  • Desire or choice of someone
  • Document saying who gets your money when you die
  • Strong desire to do something; determination
  • Desire to do something; strong wish to do
  • other
  • Used with verbs to express the future
  • verb
  • To leave property to someone after your death
  • To use mental effort to make something happen
  • Am (is, are) likely to do
  • To influence someone to do something
  • To make something happen by strongly wanting it

can

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US / kæn /

UK / kən,kæn /

A1
  • noun
  • A metal container for storing food
  • other
  • Able to; have the skill to; have the time to
  • verb
  • To have permission to
  • To be possible to do
  • To preserve food by sealing it in a metal container

gallon

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US / ˈgælən /

UK / ˈɡælən /

B1
  • noun
  • Unit of liquid equal to 4 US quarts (3.785 liters)

but

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US / bət /

UK / bʌt,bət /

A1
  • conjunction
  • Used before you say something different, opposite

finish

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US / ˈfɪnɪʃ /

UK / ˈfɪnɪʃ /

A1
  • noun
  • End of something; completion
  • Final coat (of paint) applied to a surface
  • verb
  • To use or consume all of something
  • To reach the end; to complete something
  • To put a final surface (e.g. paint) on something

good

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US / ɡʊd /

UK / ɡʊd /

A1
  • adjecitve
  • Proper, appropriate or right
  • (Of an amount) enough; plenty
  • Excellent; high quality
  • Acting well or properly; of moral character
  • In a positive or happy emotional state
  • noun
  • Advantage or benefit

business

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US / ˈbɪznəs /

UK / ˈbɪznɪs /

A1
  • noun
  • A company formed for making profit
  • Matter that has to be dealt with; task; situation
  • Activity of working to make a profit

sense

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US / sens /

UK / sɛns /

A1
  • noun
  • Certain mental feeling or emotion
  • Normal or clear state of mind
  • Meaning of a particular word, phrase or text
  • verb
  • To perceive using sight, sound, taste touch etc.
  • To recognize the presence of something

whether

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US / ˈweðə(r) /

UK / ˈhwɛðɚ, ˈwɛð- /

A1
  • conjunction
  • If something will happen or not

weekly

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US / 'wi:klɪ /

UK / ˈwikli /

A2
  • adverb
  • Happening, published, or done once a week
  • noun
  • Magazine or newspaper published once a week

color

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US / 'kʌlə(r) /

UK / ˈkʌlɚ /

A1
  • noun
  • Quality of things you can see, e.g. red, blue
  • Pink or red in your face, e.g. after being ill
  • The shade of someone's skin e.g. black, or yellow
  • verb
  • To change or affect someone's opinion
  • To make something colorful using colored pencils

fix

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US / fɪks /

UK / fɪks /

A2
  • noun
  • Answer to a problem
  • verb
  • To arrange or prepare something
  • To attach something so it will not move or change
  • To dishonestly arrange the result of a game
  • To make an animal unable to produce young
  • To make something whole or able to work again

maybe

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US / ˈmeɪbi /

UK / ˈmebi /

A1
  • adverb
  • Possibly but not certainly; perhaps

not

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US / nɒt /

UK / nɑt /

A1
  • adverb
  • Word indicating the negative
  • (Used to form the negative of verbs)

our

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US / 'aʊə(r) /

UK / aʊr /

A1
  • determiner
  • Belonging to us

really

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US / ˈri:əli /

UK / ˈriəˌli, ˈrili /

A1
  • adverb
  • Used to stress something that is said; definitely
  • In a true or accurate manner
  • Very

equal

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US / 'i:kwəl /

UK / ˈikwəl /

A1
  • adjecitve
  • Same in shape, size, or number
  • verb
  • To add up or be the same as

now

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US / naʊ /

UK / naʊ /

A1
  • adverb
  • At the present time or moment
  • Right away or in the next possible moment
  • Used to refer to something that just happened
  • Time between the present and a moment in the past
  • conjunction
  • Resulting from or because of something

operate

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US / ˈɒpəreɪt /

UK / ˈɑ:pəreɪt /

A1
  • verb
  • To control or handle something, such as a machine
  • To control or manage something such as a business
  • To be working or being used
  • To perform surgery on someone

structure

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US / ˈstrʌk.tʃə /

UK / ˈstrʌk.tʃɚ /

A2
  • noun
  • The way in which the parts of a system or object are arranged or organized, or a system arranged in
  • verb
  • To plan, organize, or arrange the parts of something

table

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US / ˈteɪbl /

UK / ˈtebəl /

A1
  • noun
  • Diagram that shows data in rows and columns
  • Raised flat surface you sit at to work or eat
  • verb
  • To leave an idea to be discussed at a later date

cent

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US / sent /

UK / sɛnt /

A2
  • noun
  • 100th of the basic unit of money e.g. a dollar

same

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US / seɪm /

UK / sem /

A1
  • adjecitve
  • Being equal in quality and amount
  • Identical; not different
  • Not changing; constant

video

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US / 'vɪdɪəʊ /

UK / ˈvɪdiˌo /

A2
  • adjecitve
  • Of a moving film, with sound
  • noun
  • Recording capturing action with sound
  • verb
  • To make a moving film of, with sound

want

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US / wɔnt /

UK / wɑnt, wɔnt /

A1
  • noun
  • Something you desire or wish for
  • State or condition of poverty
  • verb
  • To desire or wish for something; hope for a thing
  • Subtitles section
  • In the last video, we finished up asking ourselves, how much do we produce if the market price is at $0.45?
  • And just going with the logic that we introduced in the last video, you want to produce as much as possible to spread out the fixed cost.
  • But you don't want to produce so much that the marginal cost is higher than your marginal revenue.
  • And your marginal revenue is your market price.
  • Every unit, every incremental unit, you're going to get $0.45.
  • So you want to look at the quantity where your marginal revenue, the $0.45, is equal to your marginal cost.
  • So we could look at it over here.
  • So if we look at our marginal revenue, let's say $0.45 is right over there.
  • You want to look where the $0.45 is equal to your marginal cost.
  • And it looks like it is right over there.
  • Now we could even see it on our table.
  • When does our marginal cost equal $0.45?
  • It equals that when we produce 8,000 gallons of our juice.
  • Now the reason why this is somewhat interesting is at that point the amount of revenue that we're getting per unit, our marginal revenue, is less than our total cost per unit.
  • We're selling each unit at $0.45, but our total cost for each of those units is $0.48 on average.
  • So this right over here is our total cost.
  • So you might say, look, I'm making a loss on every unit.
  • The total amount of revenue I'm getting is a smaller rectangle over here.
  • It's the quantity times the marginal revenue per unit.
  • So this is the amount of revenue that I'm getting.
  • Let me color it in carefully.
  • That is the amount of revenue that I'm getting.
  • While my costs are this larger rectangle.
  • My quantity times my average total cost per unit.
  • And so what I end up with is if you take that revenue and you subtract out that quantity, you end up with a loss of exactly this much.
  • You are operating, in this situation, at a loss.
  • You're operating at a loss when you are producing 8,000 units and you're getting $0.45 per unit.
  • So does it make sense for you to do this?
  • And we can even figure out the loss.
  • You are producing 8,000 units.
  • You're selling them for $0.45 a unit.
  • And it costs you $0.48 per unit to produce them on average when you put all the costs in, $0.48 cents per unit.
  • So you are losing $0.03 per unit, I guess gallon.
  • We're talking about orange juice here.
  • And it's times 8,000 gallons, means that we are losing we are losing $240.
  • 8,000 times $0.06 is 24,000 cents, which is the same thing as $240.
  • So does it make sense for us to do this?
  • Well, one way to think about it, let's say we didn't do it.
  • Let's say we're like, hey, I'm not going to produce any gallons.
  • Well then what's going to be our loss?
  • Well, we're assuming that this is our fixed cost.
  • We've already committed ourselves to this expenditure right over here.
  • Whether we produce no drops of orange juice, we are still going to be spending $1,000/ So if we produce nothing, we are guaranteeing ourselves a weekly loss of $1,000.
  • And so this is at least better than that.
  • So by starting to produce some units, we are at least able to offset some of that loss.
  • And we're spreading out that fixed costs over more and more and more gallons.
  • And you might say, hey, well why don't I just keep producing more and more units?
  • Why don't I go here and maybe I produce 9,000 units where the marginal cost all of a sudden is higher than our marginal revenue?
  • And the reason why that won't make any sense to do is because if you produce that many units, then all of a sudden each of those incremental units that you're producing beyond the 8,000, you're losing money on those.
  • That 8,000 in first unit, the marginal cost is going to be higher than the marginal revenue that you're bringing in on that unit.
  • So you're going to be losing money.
  • You're going to start having a lower profit than even the negative $240 loss.
  • It'll start going at a negative 240 something, negative 250, and so forth and so one.
  • So you still don't want to produce beyond that point.
  • And we'll touch more deeply on it in future videos, but this is essentially what differentiates the short-term supply curve from the long-run supply curve.
  • In the short-term, we're going to assume that we have these fixed costs.
  • And so it's just going to make sense to produce equivalent to our marginal cost.
  • But over the long-run, maybe our fixed items, our capital, our machinery wears off or maybe the contract for my employees wear off, and then we have a different cost structure over the long-term.
  • But we'll think about that in another video.
  • But the simple answer is, assuming these really are your fixed costs, you still want to produce as many units as possible so that your marginal cost is equal to your marginal revenue, which in this case is the market price.
  • We are price takers.
  • So it actually is a rational thing to produce 8,000 units and take a loss on that and take a $240 per week loss as opposed to just producing nothing and taking $1,000 per week loss.
  • Now it might not be rational once these things have been worn out-- your robots and the employees' contracts.
  • It might not be rational to continue them past their term.
  • And we'll think about that more because obviously, we are running at a loss.
  • This is not necessarily a good business to be in, but now that we've gotten into the business, we might as well stay in it in order to recoup some of our costs here or at least spread them out, or at least not have $1,000 per week loss.
  • Anyway, see you in the next video.